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(Alliance News) - Block Energy PLC will now be able to get a Georgian well onto full production, it said Monday, after signing an oil storage deal.
The agreement has been signed with Georgian Oil & Gas Corp, Georgia's national oil company, which gives Block storage of 90,000 barrels near the town of Sartichala, 30 kilometres from the West Rustavi oil field.
Chief Executive Paul Haywood said: "We are delighted to have secured first-class oil storage capacity at competitive rates close to West Rustavi, at a major facility where GOGC safeguards some 350,000 barrels on behalf of several well-established operators.
"We can now allow well 16aZ to flow to its full potential, opening the prospect of excellent netbacks of USD36 per barrel at USD65 per barrel Brent and USD3.40 per thousand cubic feet for gas."
"We are preparing a detailed operations update which we look forward to sharing with the market shortly, setting out our busy schedule for the next 12 to 18 months," he added.
Shares were up 2.0% at 10.20 pence each on Monday in London.